Lloyds Banking Group has started its new fintech incubator programme, Launch Innovation Labs, at its Edinburgh Hub.
Created in partnership with FinTech Scotland, the incubator started taking applications in October last year. It will bring together 12 startups and scaleups to tackle the challenges of digital services and sustainability, with plans for its first industry showcase next year.
The Edinburgh hub was set up with the aim of transforming how the bank operates behind the scenes, creating new services and tools for customers, as well as enhancing Scotland’s thriving tech community.
Philip Grant, Chair of Lloyds Banking Group’s Scottish Executive Committee, said: “We’re putting lots of energy into shaping the financial services of the future to meet customers’ changing needs, and having cutting-edge fintech talent in action behind the scenes is key to keeping customers connected to their finances.
“We have just launched a pilot Scottish Widows mobile app to help reinvent saving for workplace pensions customers. Using digital features built by our engineers in our innovation labs, it will enable millions of people to start engaging with their pension in a similar way to their everyday banking by helping them see a clearer picture of their financial future.”
Nicola Anderson, Acting Chief Executive, Fintech Scotland, said: “Creating opportunities for collaboration across Scotland’s competitive tech scene will drive innovation as start-ups work together with established financial firms on how to trailblaze the industry’s future in partnership.
“The Launch innovation labs highlight Lloyds’ commitment to developing talent in fintech. It provides a boost in confidence for the industry and shows the power of collaboration for mutual benefit – we’re looking forward to seeing the results in next year’s industry showcase.”
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Lloyds launched its tech hub in Edinburgh in March 2019, with a recruitment drive to create a new 500-strong team tasked with helping transform the digital experience for Bank of Scotland, Lloyds Bank, Halifax, and Scottish Widows customers.
In addition to the tech hub’s team of software engineers and other digital roles which is more than 50% complete, – the first specialist mobile quality engineering team was created, adding an additional 16 roles to the tech-based talent pool in Scotland.